INDUSTRIAL OUTPUT RISES 7.5% IN H1

Vietnam’s industrial production rose 7.5% in the first six months of 2024 compared to the same period last year, as reported by the General Statistics Office of Vietnam.

The manufacturing and processing sector led the growth with an 8.7% increase, contributing 2.14 percentage points to the overall economic expansion. The electricity production and distribution sector experienced a significant 13% rise, adding 0.5 percentage point, while the water supply and waste management sector grew by 7%, contributing 0.04 percentage point. However, the mining sector contracted by 7%, driving down the overall growth by 0.24 percentage point.

In the second quarter alone, the industrial sector’s added value rose by an estimated 8.5% year-on-year.

Performance varied across key industries. Rubber and plastic product manufacturing surged by 29%, and furniture production increased by nearly 20%. Both the chemical and electrical equipment industries each grew by around 18%. Conversely, crude oil and natural gas extraction declined by 12%, and the machinery repair and maintenance sector decreased by 9%.

Consumption in the manufacturing and processing industry dropped by 4.3% in June from May but rose by 10.5% year-on-year. Over the six months, consumption picked up by nearly 11% year-on-year, reversing a 2.2% decline from the previous year. Inventory levels in the manufacturing and processing sector advanced by 7.6% from May and 9.6% from June 2023, with an average inventory ratio of 76.9%, down from 83.1% last year.

Employment in industrial enterprises edged up by 1% from the previous month and by 3.8% compared to the same time last year.

Source: The Saigon Times